Houston, Dec. 10, 2014 (GLOBE NEWSWIRE) -- BPZ
Resources Inc. (the "Company") (NYSE: BPZ) (BVL: BPZ), today
announced that on December 8, 2014, the Company received
notification from the New York Stock Exchange (NYSE) that the
Company had fallen below the NYSE's continued listing standard,
which requires a minimum average closing price of $1.00 per share
over 30 consecutive trading days.
The NYSE has informed the Company that it has
until June 8, 2015 (the "Compliance Date") to bring its average
share price back above $1.00. Under the NYSE rules, the
Company's common stock will continue to be listed on the NYSE at
least until the Compliance Date, subject to the Company's
compliance with other standard NYSE continued listing requirements.
The Company will timely notify the NYSE that it intends to
cure the deficiency.
The Company's business operations, securities reporting
requirements, and debt obligations are unaffected by this
notification.
Manolo Zuniga, President and CEO of BPZ Energy
stated, "We do not believe that BPZ's current stock price is
indicative of the value of the Company. The Company is
considering available options to regain compliance and is pursuing
various strategies to remain a listed company. We continue
working to increase production and reduce costs. Two new
wells are being completed and we expect to report production rates
this month. Current efforts are also focused on a review of
strategic and financing alternatives to enable us to execute our
business plan. We intend to remain a going concern."
ABOUT BPZ ENERGY
BPZ Energy, which trades as BPZ Resources, Inc.
under ticker symbol BPZ on the New York Stock Exchange and the
Bolsa de Valores in Lima, is an independent oil and gas exploration
and production company which has license contracts covering
approximately 1.9 million net acres in offshore and onshore
Peru. The Company holds a 51% working interest in offshore
Block Z-1, which it is developing in partnership with Pacific
Rubiales Energy Corp. The Company also holds 100% working
interests in three onshore blocks. Please visit www.bpzenergy.com for more
information.
FORWARD LOOKING STATEMENT
This Press Release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These forward
looking statements are based on our current expectations about our
company, our properties, our estimates of required capital
expenditures and our industry. You can identify these
forward-looking statements when you see us using words such as
"will," "expected," "estimated," and "prospective," and other
similar expressions. These forward-looking statements involve
risks and uncertainties.
Our actual results could differ materially from
those anticipated in these forward looking statements. Such
uncertainties include successful operation of our new platform in
Corvina, the success of our project financing efforts, accuracy of
well test results, results of seismic testing, well refurbishment
efforts, successful production of indicated reserves, satisfaction
of well test period requirements, successful installation of
required permanent processing facilities, receipt of all required
permits, the successful management of our capital expenditures, and
other normal business risks. We undertake no obligation to
publicly update any forward-looking statements for any reason, even
if new information becomes available or other events occur in the
future.
CAUTIONARY STATEMENT REGARDING CERTAIN
INFORMATION RELEASES
The U.S. Securities and Exchange Commission
(SEC) permits oil and gas companies, in their filings with the SEC,
to disclose only "reserves" that a company anticipates to be
economically producible by application of development projects to
known accumulations, and there exists or is a reasonable
expectation there will exist, the legal right to produce, or a
revenue interest in the production, installed means of delivering
oil and gas or related substances to market, and all permits and
financing required to implement the project. We are prohibited from
disclosing estimates of oil and gas resources that do not
constitute "reserves" in our SEC filings, including any estimates
of contingent and prospective resources included in this press
release. With respect to "probable" and "possible" reserves,
we are required to disclose the relative uncertainty of such
classifications of reserves when they are included in our SEC
filings. Further, the reserves estimates contained in this press
release are not designed to be, nor are they intended to represent,
an estimate of the fair market value of the reserves.
The Company is aware that certain information
concerning its operations and production is available from time to
time from Perupetro, an instrumentality of the Peruvian government,
and the Ministry of Energy and Mines ("MEM"), a ministry of the
government of Peru. This information is available from the
websites of Perupetro and MEM and may be available from other
official sources of which the Company is unaware. This
information is published by Perupetro and MEM outside the control
of the Company and may be published in a format different from the
format used by the Company to disclose such information, in
compliance with SEC and other U.S. regulatory requirements.
Additionally, the Company's joint venture
partner in Block Z-1, Pacific Rubiales Energy Corp. ("PRE"), is a
Canadian public company that is not listed on a U.S. stock
exchange, but is listed on the Toronto (TSX), Bolsa de Valores de
Colombia (BVC) and BOVESPA stock exchanges. As such PRE may
be subject to different information disclosure requirements than
the Company. Information concerning the Company, such as
information concerning energy reserves, may be published by PRE
outside of our control and may be published in a format different
from the format the Company uses to disclose such information,
incompliance with SEC and other U.S. regulatory requirements.
The Company provides such information in the
format required, and at the times required, by the SEC and as
determined to be both material and relevant by management of the
Company. The Company urges interested investors and third
parties to consider closely the disclosure in our SEC filings,
available from us at 580 Westlake Park Blvd., Suite 525, Houston,
Texas 77079; Telephone: (281) 556-6200. These filings can
also be obtained from the SEC via the internet at
www.sec.gov.
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CONTACT: A. Pierre Dubois
Director, Investor Relations & Corporate Communications
BPZ Energy
281-752-1240
pierre_dubois@bpzenergy.com
